TORONTO--(BUSINESS WIRE)--Securian Financial Group, a U.S. life insurance and financial services company, has completed its purchase of a group of companies from ivari that are leading providers and distributors of insurance products to Canadian banks, credit unions and retailers.
The businesses acquired by Securian include insurance manufacturers Canadian Premier Life Insurance Company and Legacy General Insurance Company, distributor CRI Canada, and Selient, which provides customized loan and insurance point-of-sale technologies to Canadian credit unions. The businesses remain in Canada as independently operated affiliates of St. Paul, Minnesota-based Securian. Nicole Benson, who has led the businesses since 2005, is chief executive officer.
Through the transaction, Securian adds to its portfolio:
- 2 million Canadian customers
- $284.6 million in direct premium (2015 CAD)
- Offices in Toronto, Burnaby, Edmonton and Winnipeg
- Approximately 150 employees
“We are excited not only for Canadian Premier Life and CRI Canada, but also for the banks, credit unions and retailers we serve,” said Benson. “While maintaining our vision and commitment, we will leverage Securian’s distribution expertise to provide our clients with a broader range of financial solutions for their customers.”
Securian has offered loan-protection products through financial institutions in the United States since 1951. In the past 15 years, Securian has made over a dozen growth acquisitions in the United States financial institution market, including Cherokee National Life Insurance Company, Balboa Life Insurance Company, American Modern Life Insurance Company, and Allied Solutions—one of the largest distributors of products and services to credit unions. Today, Securian is among the leaders in the U.S. financial institution insurance market, offering a wide variety of proprietary and non-proprietary products and services to nearly 4,100 financial institutions.
ABOUT SECURIAN FINANCIAL GROUP
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the United States’ largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
Securian is the ninth largest insurance company in the United States based on 2015 direct life insurance business in force.* As of December 31, 2016, Securian had $1.2 trillion of insurance in force, $70.5 billion in assets under management and over 16 million customers.
Securian ranks among the most highly rated insurance company groups in the United States. For more information about the rating agencies and to see where Securian’s ratings rank compared to other ratings, please visit www.securian.com/ratings.**
With a national network of thousands of independent advisors, ivari provides a full range of insurance products designed to help Canadians and their families make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. We are starting a fresh, new conversation about insurance.
*A.M. Best’s Statistical Study, U.S. Total Life, July 4, 2016. Based on 2015 total life insurance business in force. Excludes insurance companies who are primarily reinsurers.
**Securian Financial Group, Inc., is part of an insurance holding group. These ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company.